Topics surrounding wills and trusts can be quite complicated, which is why a qualified Texas lawyer is pretty much your best bet for creating a plan that meets your real needs. While this lawyer will be knowledgeable about laws and regulations that you will unlikely be so well-versed in, there is still plenty for you to get to know about setting up a trust.
There are several factors that affect the trust, from its value to the kind of trust that is best to meet specific needs. When meeting with a wills and trusts lawyer, you will go more in-depth into these factors in order to make good decisions for the future of your estate. Here are some of those considerations:
“Value” is a bit hard to nail down, as the “value” of various assets can change on a nearly daily basis. Still, the overall size of an estate can be partially determined by the assets it holds. Those with more assets will likely be best served by a different type of trust than those with modest assets. The types of assets can also come into play, as some are more easily turned into cash than others, while some are more likely to appreciate in value than others.
How much time will your trust have before it is used for its intended purpose? Along those same lines, how long will it be used? Will all of the assets be disbursed right away, or will it be used to fund a particular cause for years to come? A wills and trusts lawyer in Houston can help you create a trust that will grow, setting goals based upon your current age and your plans for the assets of the trust down the road.
We have already touched on the purpose of your trust, but there is far more to consider than whether or not you want to contribute to a new wing to the local library. Instead, wills and trusts lawyers in Houston work to help you create tools that protect your wealth so it can be utilized by your family and loved ones in the way you see fit. One of the common ways of doing this is to protect your assets from being taxed at a higher rate than they would be if they weren’t part of a trust.
This is, of course, a simplistic overview of jus t a few of the variables that you and a wills and trusts lawyer in Houston will want to consider when putting together a plan for your own future. In addition to getting the wheels in motion, you will also want to make sure you follow up on the details. If your trust will be funded by specific accounts or insurance policies, for example, you need to make sure you have set this up appropriately with each individual account or policy. Again, a knowledgeable Houston wills and trusts lawyer will make all the difference in ensuring your success.